FAQ

Are Black cards still available?

Monaco has a very small quantity of Obsidian Black cards on hand from the original 999 pool and is making those available for contributors who decide to hold 50,000 MCO for 6 months – if you missed out on one during the token sales, this is your last chance to get one.

Tell me more about MCO purchase requirement for Monaco Platinum cards.

Monaco Platinum cards are an amazing product that we offer exclusively to Monaco MCO token holders. With the Platinum card, you earn cryptocurrency every time you spend, receiving up to 2% cryptocurrency cashback. Platinum cards offer higher monthly limits for free ATM withdrawals and perfect interbank exchange rates, saving users a ton of money. All Platinum cards are metal and are beautifully crafted. Banks usually charge their most valuable customers thousands of dollars per year for metal cards. Monaco is offering them to MCO token holders for free - there are no monthly or annual fees. The only commitment our users have to make is to purchase MCO tokens and hold them for 6 months. Expanding our MCO token holder base will help us raise the capital needed to fulfil our mission to bring cryptocurrency to every wallet. After the 6 months period, users can transfer their MCO tokens back to their Monaco account to sell it or keep it and continue to use their card fee-free, no strings attached.

What is the 2% cashback?

Every time you spend with your Monaco Platinum card, we will credit you back up to 2% denominated in MCO according to current MCO exchange rate. You can then spend the MCO with your card, convert it to BTC or ETH or keep it. This industry leading cashback, coupled with savings on perfect interbank exchange rates makes Monaco Platinum cards the most cost-effective way to spend. A perfect replacement for your favorite credit card.

What is the "free" ATM limit? does it mean there's a fee/cost above that limit? How much is it?

ATM networks charge hefty fees for usage of ATMs. We bear all these costs for our users every month as long as you stay within the Fair Usage Limit. Thereafter we charge a 2% fee. If you travel, this is usually still much more competitive than using your bank card, as you will receive perfect interbank exchange rates on your withdrawal.

What are the fees on the card?

Monaco means life without fees. There are no monthly fees, no annual fees, cards are shipped to users for free. You literally will not pay any fees as long as you stay within the monthly Fair Usage Limits.

What about the MCO cashback up to 10%?

This merchant-specific cashback program will go live in 2018 once Monaco gets substantial number of users on the platform. It's simply easier to negotiate great cashback deals (likely exceeding 10%) if we have 1m+ customers on the platform.

I can hold MCO - can I also pay with it?

You can convert MCO to fiat currencies and spend it with your Monaco card.

Is your card program approved yet?

Monaco card program received green light - more in the official press release https://www.prnewswire.com/news-releases/monaco-card-program-receives-green-light-654236203.html.

What are the limits on the card (how much I can hold/spend/withdraw)?

Please refer to Cards page for details.

Which countries are supported (where can I get the card)?

Monaco will be rolled out globally in stages, as each region requires separate issuing capabilities; we remain fully committed to be 100% compliant with local regulations in every market we are targeting – we begin with Asia, followed by Europe and North America; we expect demand to massively outpace supply in the first 12 months, so users are encouraged to reserve their cards early.

What is the interchange fee?

Interchange fees are transaction fees that the merchant's bank account must pay whenever a customer uses a credit/debit card to make a purchase from their store. The fees are paid to the card-issuing bank to cover handling costs, fraud and bad debt costs and the risk involved in approving the payment. In practice, this cost is passed on to the merchant accepting the payment from the customer.

How can I order a Monaco card?

Users can download Monaco app on both iOS & Android to go through a simple three-minute onboarding process and reserve their card starting 31 Aug 2017.

What’s your business model?

We generate revenue every time our customers swipe Monaco card from the fees paid by merchants (interchange revenue). On average, merchants accepting a payment with a card receive only $97 of every $100 spent by the customer, $3 being split between card scheme, program manager, issuing bank and acquiring bank. Monaco’s share of the interchange revenue comes in at 1.5-2% depending on transaction profile. Monaco will roll-out new, revenue generating products over time.

Where can I purchase / trade MCO?

MCO token is now trading on Bittrex, Binance and 5 other exchanges. Please check this link for the full list: https://coinmarketcap.com/assets/monaco/#markets

How is securing Visa card program manager status different from what Xapo and other bitcoin debit cards are doing?

Monaco's strategy to roll out it's product globally is to go market by market and secure card issuing capability and assure local compliance. We now have our own BIN numbers (both Classic and Platinum), we set the rules of our program ourselves, we are not limited by any "shared BIN" arrangements which other companies are subject to.

The difference to customers is two-fold:

  • we are going to be able to offer much more competitive pricing to Monaco customers (read: better exchange rates) as we are eliminating a middle man from our setup
  • we are going to be able to innovate faster on our product and the features we offer to our customers, as we are not limited by 3rd party shared BIN program rules

Why did you remove the asset contract from the roadmap?

Please refer to the Medium Post. Purely from commercial standpoint, the asset contract would add legal risks in certain jurisdictions, while not providing any upside in terms of further growth of Monaco.

Why did you keep September as the time of card program approval on your roadmap, if the press release came out only on October 31st?

Our card program was approved on 22nd of September, but given the complexity of the approval processes between different regions and departments on both the issuer and the scheme side, it took us a few weeks to agree on the communication strategy.

Why didn't you communicate the card program approval to the reporter who wrote the Bloomberg article published in early October?

We commented at the time of the article being published, that we are bound by non-disclosure agreements. Furthermore, Visa guidelines are very clear: any questions related to Visa should be referred to Visa. As such, we could not disclose this information to Bloomberg, even though it would ascertain a much more positive coverage.

Are the first cards going to ship to Singapore users?

Yes. As mentioned in the Medium Post, we are in the process of extending our partnership with the issuer to cover additional geos. We will update the community on this as soon as possible.

Are the first cards going to ship in November?

We've been working with our card manufacturer, processing platform, issuer and Visa on getting the program to go-live stage as soon as practical. We'll refrain from providing exact dates of when cards are going to ship, as a substantial testing is required in closed beta, before the platform is open to public.

Has the order been placed to the card manufacturer yet?

Yes.

When will the cards ship to Europe?

Europe is our highest priority market and we are making great progress on making our cards available to customers there. Please expect an update on this soon.